The Financial Impact of This Crisis + How to Prepare

Without reason, we have all witnessed harrowing acts happening
around the world and in our country over the past weeks. It has
been tragic.


We've been forced to deal with dark realities of pain and
loss. While we hate to see others deeply affected and think
of our comfort, dreams, and plans for the future, I can tell
you how many people reached out to me with questions.
 
I have repeatedly been asked about the impact of the terrorist
attacks on your financial future. I talk about it + practical
action on this week's show. Listen in: The Two Biggest Takeaways
From the Past Weeks (Focused on Your Personal Financial Future.)

 
I don't think anything we've seen in the previous two weeks
will be majorly devastating for the future of the markets. Yes,
everything has been down of late, but it is okay to have volatility
when there is a crisis in the world. 

The clicks on these negative headlines are surging as they
project a fearful future. There has been a drop, but it isn't
unexpected and won't derail the great market growth we are
experiencing.


 
It's time to ask the hard questions. When is the last time you
thought about the impact of a crisis on your finances? We are
shocked at the events as they unfold - rightly so. But are any of
us surprised by a crisis occurring? We shouldn't be.

 
Yes, of course, we don't want a crisis to happen, but we have
to prepare for it!

 


When you assume crisis is going to happen, a level of peace
follows that directly impacts your quality of life today.


It is almost counter-intuitive that peace comes by walking
through a plan for a crisis, but I see it consistently with my
clients.


Plus, when you plan for a crisis, you no longer have to see your
dreams impacted.
When you assume crisis is going to happen, a level of peace
follows that directly impacts your quality of life today. Now,
let's step back and think about how to prepare for the next one.
 

What does it look like to prepare for a crisis?


(And note: This isn't only talking national and global crisis.
What if a family member passed away? What if an expensive
sickness arises? Personal crisis and domestic crisis can both
demand proper planning.)


 
My advice is simple:

 
1. Talk about it. Despite the difficulties and discomfort
to plan for a family member's death or a national crisis, it
is essential.

Without focusing on the financial impact, begin a conversation
with your spouse about why you have a hard time discussing some
component of loss, and what could come in the future.


Then once you've been able to listen to each other's concerns,
the conversation can move toward financial planning.


 
2. Get professional financial advice to fit your circumstances
as Larry and Jennifer did. (Listen at 7:25 to hear their story.)

Giving broad information isn't easy. Even if you read strong
advice or hear something that resonates as a "good plan."
Remember, every individual is different. You need financial
advice tailored to your circumstances, your goals and your unique
situation.


As much as I would love to give you the perfect formula, if I
did, there would be no way to guarantee it was right for you. The
More Than Money team will be happy to hear your story and set up
a convenient time to connect.


 
3. Live in a place of peace during a crisis.

Once you have a plan in place, you will experience peace not only
during a crisis but also during the calm, normal daily routines.


Life is meant to be enjoyed and a constant distraction of money
will pull you away from other things that matter. A healthy plan
provides peace.


  Ask Any QuestionSchedule Time to Talk With Chris